MIRA INFORM REPORT

Report No. :	490137
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	PARAMOUNT TEXTILE LIMITED
Registered Office :	Navana Tower (Level-7), Gulshan C/A, Dhaka-1212
Country :	Bangladesh
Financials (as on) :	30.09.2017
Date of Incorporation :	12.06.2006
Com. Reg. No.:	C- 62154
Legal Form :	Public (but not listed)
Line of Business :	Manufacturer, Distributor, Exporter and Importer of Woven Fabrics, Dyeing
No. of Employees :	1200

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Bangladesh	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.

Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports and surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

Source : CIA

IDENTIFICATION DETAILS
Correct company Name	:	PARAMOUNT TEXTILE LIMITED
Head Office	:	Chaklader House (Level# 2, 5, 6 & 7), House# 22, Road# 113/A, Gulshan Circle-2, Dhaka-1212, Bangladesh.
Tel No	:	88-02-55049833-7, 01730735465
Fax No	:	88-02-55044898
E-mail	:	info@paramountgroupbd.com
Website	:	www.paramountgroupbd.com
Date/ Year of Incorporation	:	12.06.2006
Incorporation No.	:	C- 62154
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) ________________
Legal form (Specific)	:	LTD CORP INC CO others (please specify) ________________
Issuing Authority	:	Registrar of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE)

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income
30^th Sep’2016	BDT 749953565 (01-07-2016 to 30-09-2016)	BDT 5652998238	BDT 48565956 (01-07-2016 to 30-09-2016)
30^th Sep’2017	BDT 879382715 (01-07-2017 to 30-09-2017)	BDT 6787825788	BDT 48822251 (01-07-2017 to 30-09-2017)

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. Mohammad Jahidul Abedin
Designation	:	Chief Financial Officer
Contract No	:	N/A

Locations Details
Operating Address	:	Chaklader House (Level# 2, 5, 6 & 7), House# 22, Road# 113/A, Gulshan Circle-2, Dhaka-1212, Bangladesh.
Tel No	:	88-02-55049833-7
Fax No	:	88-02-55044898
E-mail	:	info@ paramountgroupbd.com
Website	:	www.paramountgroupbd.com

Location :

: Owned

Rented

Ö

Leased

Area

3500

Sq. ft.

Type of Office	: Commercial Office Bldg.		Semi-commercial office Bldg.
Retail shop		Industrial Park
Business Center		Home Office
Residential Bldg.	Ö

Factory:
Address	:	Gilarchala, 1 No. C&B Bazar, Sreepur, Gazipur, Bangladesh.
Tel No	:	88-0682552555
Fax No	:	N/A

Location :

Owned

Rented

Ö

Leased

Area

67800

Sq. ft.

Registered Address:
Address	:	Navana Tower (Level-7), Gulshan C/A, Dhaka-1212, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	38	In Factory	:	1162
	In Branch:	:	Nil	Total	:	1200
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share	Country
Mrs. Anita Haque	2192820	Bangladesh.
Mr. Shakhawat Hossain	9640680	Bangladesh.
Mr. Alock Kumar Das	9640680	Bangladesh.
Mrs. Anita Rani Das	2192820	Bangladesh.
Mrs. Samsun Nahar	7889000	Bangladesh.
Mrs. Aparna Ghosh	7889000	Bangladesh.
Paramount Spinning Ltd.	18933600	Bangladesh.
Paramount Holdings Ltd.	12622400	Bangladesh.
General Public	46314870	Bangladesh.

DIRECTORS
1.
Name	:	Mrs. Anita Haque
Designation	:	Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
2.
Name	:	Mr. Shakhawat Hossain
Designation	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
3.
Name	:	Mr. Alock Kumar Das
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
4.
Name	:	Mrs. Anita Rani Das
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
5.
Name	:	Mr. Md. Faruk
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

6.
Name	:	Mr. A. H. M. Habibur Rahman
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

7.
Name	:	Mr. Mritunjay Kumar Saha FCMA
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

8.
Name	:	Mr. Kazi Md. Firoze Mroshed FCMA
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT
Name	:	Mr. Md. Shakhawat Hossain
Job Description	:	Managing Director
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Mohammad Jahidul Abedin
Job Description	:	Chief Financial Officer
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Md. Robiul Islam
Job Description	:	Company Secretary
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Md. Alamgir Hossain Buiyan
Job Description	:	Executive Director (Operation)
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö
	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:
Products	:	Woven Fabrics, Dyeing
Production Capacity	:	13.16 M. Meters per year
Last Year Production	:	Do

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash	Others
	Credit :		30 days	60 days	Ö	90 days	days

Selling Terms :	L/C	Ö	Cash	Others
	Credit :		30 days	60 days	Ö	90 days	days

DETAILED DATA
Trade Reference & Related Parties	:	Overseas Clients				:	Nil
		Local Clients				:	Nil
		Overseas Suppliers				:	Nil
		Local Suppliers				:	Nil
Trade Markets	:	Exports				:	Europe
		Imports				:	India, China
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	Howladar Yunus & Co., Chartered Accountants
Operation Status			:	Active
Member			:	Bangladesh Textile Mills Association
CAPITAL STRUCTURE
Authorized Capital				:	BDT 2000 Million
Paid-up Capital				:	BDT 1173158700
No. of Shares				:	117315870
Share Value				:	BDT 10.00 Each
Main Assets				:	BDT 6787825788 Million

FINANCIAL STATEMENT- DETAILED

Balance Sheet :

Currency

: BDT

Denomination

: 1

Financial Year Ending

: 30^th Sep’2017

Financial Highlights	30-09-2017	30-09-2016
Assets
Non-Current Assets	3346612236	2402177940
Property, Plant and Equipment	2279594741	1945398902
Capital Work In Progress	1067017495	456779038
Current Assets:	3441213552	3250820298
Inventories	1650175384	1516133364
Trade Receivables	1093236296	1077385922
Advance, Deposit & Prepayments	631425962	568812501
other receivables	-	699360
Investment	44384197	43847968
Cash & bank balances	21991712	43941183
Total Assets	6787825788	5652998238
EQUTIY AND LIABILITIES
Capital and Reserves	2517474715	2469148866
Ordinary Share Capital	1173158700	1173158700
Share Premium	540000000	540000000
Retained Earnings	607772915	558950664
Tax Holiday Reserve	203617141	203617141
Holding Gain Reserve	(7074042)	(6577639)
Deferred Tax Liabilities	1591554	3362468
Non-Current Liabilities	220474993	242755869
Long Term Loan	220474993	242755869
Current Liabilities	4048284526	2937731035
Trade and Other Payables	666442585	560377784
Liability For Expenses	78524870	76337030
Short Term Loan	3171921507	2176146734
Current Maturity of Long Term Loan	108616645	110700826
Income Tax Provision	22778919	14168662
TOTAL EQUITY AND LIABILITIES	6787825788	5652998238
Net Asset Value (NAV) Per Share	21.46	21.05

Income Statement :
	Currency	: BDT
	Denomination	: Amount In Taka
	Financial Year Ending	: 30^th Sep’2017
Financial Highlights	01-07-2017 to 30-09-2017	01-07-2016 to 30-09-2016
Revenue	879382715	749953565
Cost of Sales	(730450993)	(614,880,353)
Gross Profit	148931721	135073212
Administrative Expenses	(51142573)	(40069161 )
Distribution Costs	(9579306)	(8,022,549)
	(60721879)	(48091710)
Profit from Operation	88209843	86981502
Finance Costs	(36455019)	(30443640)
Other Income	1051375	6965
income from house rent	2661456	-
Exchange Gain/(Loss)	452999	191302
Profit/ (Loss) Before WPPP & WF	55920654	56736130
Provision for contribution to WPPF & WF	(259,060)	-
Profit Before Tax	55661594	56736130
Tax Expense	(6839343)	(8170174)
Income Tax	(8610257)	(8531507)
Deferred Tax Benefit/ (Expense)	1770914	361334
Net Profit/(Loss) After Tax	48822251	48565956
Unrealized Gain/(Loss) on share	(496403)	612841
Total Comprehensive Income	48325849	49178797
Basic Earnings Per Share (EPS)	0.42	0.41

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Name of The Group		:		Paramount Group
Subsidiary		:		N/A
Sister Concerns		:		Paramount Holdings Ltd. Sunrise Chemical Ind. Ltd. Paramount Insurance Co. Ltd. Paramount spinning Mills Ltd.
BANKING
Bank Name	:		BRAC Bank Limited
Bank Address	:		Gulshan Branch 1 Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh. Tele: 88-02-8836501-28 Fax: 88-02-9898910
ADVERSE DATA MONITORING
Dishonored Checks					:	No Record Found
Debt					:	No Record Found
Litigation					:	Clear
Performance Defaults					:	No Record Found
Adverse Local Media Coverage/ Adverse Filling History					:	No Record Found

SITE VISIT COMMENTARY

Our Representative Visited the subject company Head office which is situated at Chaklader House (Level# 2, 5, 6 & 7), House# 22, Road# 113/A, Gulshan Circle-2, Dhaka-1212, Bangladesh. It is situated at Residential Area.

GENERAL COMMENTS

The subject company is engaged in the activities of Manufacturer, Importer, Exporter & Distributor. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.61
UK Pound	1	INR 89.32
Euro	1	INR 78.95
BDT	1	INR 0.77

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.